Responsible Lending

responsible-lendingIn this document Bad Credit Cash Loans (the provider of loans through this website) is referred to as Zethus Holdings Limited, us or we.

Before you apply to borrow money from us you need to decide whether a payday loan is the best choice for your situation. There are many types of loans and money lenders out there; only you can decide what will work best for you.

Why do people use payday loans?

Payday loans are meant for emergency cash shortages. A shortage can occur in many ways, from the cat getting sick to a stone cracking your windshield. An example would be when the power bill is due the week before you get paid and your car has just broken down. You have to pay for the car repairs but if you do then you won’t have the cash to pay the power bill. You could take out a small cash loan to cover the power bill and then pay it back the next week when you get paid. Often the charges for missing a bill payment can exceed the interest on a payday loan and in these rare cases a payday loan may be a good option.

Proper use of payday loans

Payday loans are meant for occasional use only. They are not meant to be used continuously, or as long-term loans. If you find yourself using such service on a frequent basis, you should consider using other sources of financing, or consulting a non-profit credit counsellor.

Our responsible lending criteria

  • We will not lend unless you are currently employed. If you do not have a fixed regular income, we are unable to assist.
  • Your pay must be deposited into your own NZ bank account that has been open for a minimum of three months.
  • The amount we will lend in part is based on your income. We do not want you to borrow more than you can afford.
  • We encourage all our clients to always plan their budgets prior to signing the loan contract and disclosure statement. For this purpose, you may find it helpful to use one of the following websites:
  • We are required to hold copies of your ID, 90-180 days of bank statements and proof of address prior to your loan being approved.
  • Early repayments are encouraged and will save you money as interest is calculated daily.
  • We encourage Bad Credit Cash Loans to be used only in cash loan emergencies, while we welcome your return, Bad Credit Cash Loans are only a short-term cash solution.
  • There may be alternatives you should consider other than cash payday loans e.g. family, friends, employer, credit card advance etc. Only you can decide if the cost of a bad credit cash loan is worth it to solve today’s problem.

Understand the terms of your loan

You should read your loan agreement in full and be sure you understand all the costs and terms of the loan. If you have any questions, ask us promptly. Ensure you receive a copy of each document you have digitally signed. We are a responsible lender and believe in transparency – we disclose all costs and fees to you and provide you with a copy of your documents prior to applying.

You should know when your payday loan is due according to the contract you have read and accepted. Make sure you have enough funds in your account on the due date, so you do not incur any dishonour and/or collection fees and additional interest charges. If your loan goes into default, you should contact us ASAP to work out a repayment arrangement. We are committed to collecting your past due loans in a professional, fair and lawful manner.

Other options

You should evaluate your financial situation to determine if a payday loan is a good choice for you. If you feel you are using payday loans too often, consider other borrowing options such as asking a friend, employer, or family member for a small loan. You might also consider obtaining an overdraft, or a line of credit, or consolidating your debt at your bank.

Help is available

If you find your monthly bills are often exceeding your monthly income, if credit and collection agencies are calling constantly, or if debt stress is making it difficult to cope with everyday life, these are all signs that debt has become a problem. It is always better to recognise a problem and try to deal with it than to let it build into a larger problem. A credit-counselling agency could help you in this situation.

Some sites that may be helpful include:

New Zealand Government registered financial service provider

Bad Credit Cash Loans is a trading division of Zethus Holdings Limited. Zethus Holdings Limited is 100% New Zealand owned and operated, and supports the New Zealand Government’s requirement that financial service providers register with the Ministry of Economic Development in order to conduct business. Zethus Holdings Limited is registered. It’s registration number is FSP298566.

The governing legislation is the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Only registered entities like Zethus Holdings Limited can operate in New Zealand.

You will have access to the electronic register of financial service providers which will help you to be comfortable that Zethus Holdings Limited has passed the Government requirements for registration.

You will be confident that the directors, senior managers and controlling owners of Zethus Holdings Limited have all been screened by Police checks and passed.

The Act ensures registered companies comply with all international obligations to prevent money laundering and the financing of terrorism.